If you are a first-time property buyer, this article will give you a checklist of things that you should verify before buying. Following are some important things to know before buying a house to minimize your risk.
- Budget: if you are serious contemplating an investment in a home, take a stock of your expenses and chalk out a plan to meet your property budget. Allocating a property budget will require long term planning.
- Location: Take a good look at the location and the locality. It is better to try a place adjacent to the prime location of your city so that the price is not that high. Location will also have a large impact on the resale value of your home. Choose wisely and your home may be your best investment.
- Loan eligibility: Home loan eligibility depends upon the repayment capacity, income, existing loans or debts and age of the loan applicant. Stamp duty and Registration: This is an important expense or tax, much like the sales tax and income tax that are collected by the Government. When planning your budget for property buying, factor in stamp duty and registration expenses too.
- Additional costs: Apart from the price of the property, there are several other charges that one has to pay when one invests in a home. Find out how much is the maintenance charge. Will car parking be provided and do you have to pay extra for it.
- Connectivity: Ensure that the property is located in an ideal location with good connectivity. Investing in property that can be easily reached to and from destinations like the airport, railway station, bus stop, etc is ideal and recommended.
- Neighbourhood amenities: Neighborhood amenities is one of the important things you should consider before investing in a property. Include the proximity to schools, hospitals, banks, shopping centers, restaurants, entertainment facilities and parks.
- Research about builders: There are tons of questions a property buyer should ask a builder. The more you know or communicate to your builder, the happier you will be at the end of the project.
- Rental rates in the area: If you are planning about investing in a rental property, homes in high-rent or highly populated areas are ideal. Knowing the rental rate in the area helps you to choose the right property and location.
- Resale value: Resale Value is an important thing to consider before you plan to invest or buy a property. Property buyers never consider resale value when they buy.